Wealth and financial management provider details the transformative steps and cultural changes necessary for keeping up with customers
Wealth and financial management provider, AMP, has kicked off a host of transformative steps to become a customer-centric business, according in its latest financials, shining a valuable light on what it takes to keep up with customers in the connected age.
The ASX-listed group reported solid full-year financial results this week, including an underlying profit rise of 7 per cent to $1.12 billion for the full-year to 31 December 2015, and net profit increase of 10 per cent to $972 million. Key contributors were the Australian wealth management, AMP Capital, AMP Bank and New Zealand divisions, which all reported stronger operating earnings.
“This is a very good performance against a backdrop of challenging markets in the second half,” commented AMP chief executive, Craig Meller, who added business efficiency programs were also on track.
“AMP has a clear focus to be a more customer centric, efficient and international organisation. The execution of this strategy is unlocking the long-term potential of our business, which we are confident will continue to deliver value for our shareholders.”
While AMP’s financials should be well received by the market, it’s the steps it’s taking to become a customer-oriented enterprise that provide the best reading.
Over the past two years, AMP has been putting in place the core infrastructure required to become a customer-centred business. The company kicked off the journey in 2013, appointing its first chief customer officer, Paul Sainsbury, as well as a dedicated customer relations team.
Read more: Why digital delivery lies at the heart of AMP's customer transformation
On AMP’s list of ongoing strategic priorities is building a customer goals-oriented enterprise. In its FY15 financial report, the company said consumer research had “built conviction in taking a goals-based approach to products and services”, which will be rolled out from 2016. This work identified four priority goals, which are being used to provide new customer solutions this year.
AMP is also working to build a next-generation, face-to-face advice model based on customer goals. Thanks to the success of five pilot sites this year, AMP said it will extend this approach to 30 practices as well as automate several back-end processes.
New infrastructure has also been put in place for better omni-channel experience, including a new customer and data analytics systems, and customer interactions engine. The latter is already being piloted on targeted campaigns and next best offer-driven conversations across digital, call centre and adviser channels, with 20 campaigns in testing in the first half of this year.
These are tied into a new-look digital portal, which includes and integrated banking and wealth platform, mobile and tablet apps, new website and content management systems.
In addition, AMP has deployed a customer feedback and measurement system across 122 teams, as well as established organisational capabilities in human-centred design and behavioural economics. The company said customer-facing teams are now using this customer feedback to identify and improve service.
Follow CMO on Twitter: @CMOAustralia, take part in the CMO conversation on LinkedIn: CMO ANZ, join us on Facebook: https://www.facebook.com/CMOAustralia, or check us out on Google+: google.com/+CmoAu
In the third and final episode of our 3-part CMO50 video series exploring modern marketing and why it’s become a matter of trust, we’re delighted to be joined by Telstra’s former CMO and now digital services and sales executive, Jeremy Nicholas, and Adobe VP Marketing Asia-Pacific and Japan, Duncan Egan.
Flash back to the classic film, Willy Wonka and the Chocolate Factory. Television-obsessed Mike insists on becoming the first person to be ‘sent by Wonkavision’, dematerialising on one end, pixel by pixel, and materialising in another space. His cinematic dreams are realised thanks to rash decisions as he is shrunken down to fit the digital universe, followed by a trip to the taffy puller to return to normal size.
Why is it there is no shortage of leadership development materials, yet outstanding leadership is so rare? Despite having access to so many leadership principles, tools, systems and processes, why is it so hard to develop and improve as a leader?
As a nation united by sport, brands are beginning to learn money alone won’t talk without aligned values and action. If recent events with major leagues and their players have shown us anything, it’s the next generation of athletes are standing by what they believe in – and they won’t let their values be superseded by money.
